SAN FRANCISCO—Visa announced that its seamless smart payment solution, Visa Ready, will reach 50 billion connected IoT devices by 2020.
The Visa Ready Program, previously used only by mobile point-of-sale acceptance providers, mobile NFC-enabled device manufacturers and chip and platform providers, will include other IoT companies such as manufacturers of wearables, automobiles, appliances, public transportation services and clothing, Visa stated.
Visa said that Visa Ready partners receive access to industry best practices, tools and resources, and Visa’s Digital Enablement Program (VDEP), which includes streamlined access to Visa Token Service (VTS).
The first IoT companies to join the Visa Ready Program will focus on payments for wearables and automobiles, Visa explained. Initial Visa Ready partners include Accenture, Coin, Giesecke & Devrient, Fit Pay, and Samsung, who will work with device manufacturers including Chronos and Pebble, to help embed secure payments in consumer devices and have those devices certified as Visa Ready.
Mobile technology is accelerating the pace of change in the payments industry, helping open up new possibilities for a generation of consumers who increasingly rely on connected devices to manage their money, shop, pay and get paid, Visa said.
“More and more, consumers are relying on smart appliances and connected devices to make their lives easier,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa. “By adding payments to these devices, we are turning virtually any Internet connection into a commerce experience – making secure payments seamless, and ultimately more accessible, to merchants and consumers.”